Magnetic resonance imaging (MRI) is a noninvasive technology that exploits the use of magnetic fields and radio waves to generate anatomical images of the body. Technological advancements have led to innovations in MRI systems such as open MRI, high field strength MR systems, and dedicated MRI machines for wide range of applications in fields of oncology, neurology, and cardiology. Currently, research is being carried out to combine MR machines with other imaging modalities for achieving better image clarity. Though these dual modality MR imaging systems are still in the realm of research, they offer a great scope for medical diagnosis in the near future.

A major advantage of MR Imaging is that it does not use any ionizing radiation, unlike conventional imaging. Magnetic resonance imaging is non-invasive and offers exquisite clinical images, both functionally and anatomically, with better contrast of soft tissues and anatomical structures. Many diseases such as brain tumors and breast tumors are more readily apparent in MR images than CT or other conventional imaging modalities. The global MR Imaging market is estimated to be $4.13 billion, as of March 2013; it is poised to grow at a CAGR of 4.56% to reach approximately around $5.24 billion by 2018.

This market research report evaluates the global market of magnetic resonance imaging by architecture, field strength, technology, application, and geography. The market by architecture is further categorized as closed and open MRI systems; the field strength segment comprises low to mid-field strength, high field strength and very-high field strength MR systems, while the technology segment is classified as MR Angiogram, MR Venogram, functional MRI, MR Spectroscopy and Fusion MR. In addition, the application segment covers breast MRI, cardiac MRI, interventional MRI, whole body MRI and MRI for brain, and neurological disorders.

This research report covers in-depth market analysis of MR imaging based on architecture - open and closed systems providing market dynamics and opportunities for the coming five years. Closed systems account for the largest share of the total market in 2013. However open MR systems are anticipated to witness a high growth rate owing to rising demand by physician for claustrophobic and elder patients.